Dynamic measurement of the financial liquidity of Polish companies listed on the Warsaw Stock Exchange between 2002 and 2017: cross-sectoral comparative analysis - Part 2

The purpose of the present research was to analyse Polish listed companies in terms of liquidity management in 2002-2017 in a dynamie context. Evaluation of the dynamie model of corporate financial liquidity was carried out with the use of classical descriptive statistics tools and methods applied in sueh analyses. The eompanies were analysed in the new seetoral layout implemented by the Management Board of the Warsaw Stoek Exehange in January 2017. The study of the dynamie finaneial liquidity of enterprises on the basis of seleeted ratios eonsisted of two parts. In the first part of the study, a series of medians was determined for eaeh of the liquidity ratios in partieular seetors. Eaeh element of the series is assoeiated with the quarter from whieh the data eame. The ratios within sectors were then compared so that coexistence of changes over time, shifts in rela- tion to one another, or the lack of clear interdependencies could be observed. Unlike the first part, which covered the relationship between the different ratios within a sector, the second part focuses on cross-sectoral comparative analysis. Descriptive statistics based on quantiles were derived for data covering the entire period under consideration and for all enterprises in the sector. Half of the surveyed listed companies (i.e. all the ratio values between the first and third quartiles), were adopted as the central standard. Numerical values of standards for particular ratios and sectors are presented in a tabular form